LOS ANGELES — Latino-owned businesses in the U.S. are growing and thriving despite facing more challenges than their white counterparts, such as limited access to capital and resources, according to a Stanford University report.

These businesses play a major role in the economy, driving innovation, creating jobs, and contributing significantly to the nation’s economic growth.

For instance, Luna Magic, a Latina-owned cosmetic business in LA, overcame challenges by building strong community ties, resulting in increased visibility and customer loyalty.

Jaqueline Hurtado has more on their success.